Updated

Former Florida Gov. Jeb Bush will not run for the U.S. Senate in 2010, he said Tuesday. Bush, President Bush's younger brother, said this is not the right time for him to return to elected office.

"In the coming months and years, I hope to play a constructive role in the future of the Republican Party, advocating ideas and policies that solve the pressing problems of our day," he said in a written statement.

"We must rebuild the party by focusing on the common purposes and core conservative principles that unite us all -- limited government, a strong national defense and safe homeland and the protection of liberty tempered by personal responsibility."

Bush, 55, seriously considered running after Sen. Mel Martinez said last month he wouldn't seek a second term. Bush spoke with senators, supporters and his family, including the president and their father, former President George H.W. Bush.

The elder Bush told FOX News on Sunday that he thought  his son would be an "outstanding senator."

"This is a guy that really has a feel for the people, the issues in Florida and nationally," he said on "FOX News Sunday." "And his political days ought not to be over, says his old father."

Jeb Bush said his decision wasn't based on politics, but on his "personal journey." He said his brother's low approval ratings didn't factor into his decision, and that Floridians are familiar with his record as governor.

"One of the benefits of being governor is people get to know you and I think people know I love this state," Bush said. "While I'm proud of my brother and I love my brother ... people know that I'm Jeb Bush and I don't think that would have been a problem."

Bush served as governor of Florida from 1999-2007 and remains a popular figure in the state. His announcement clears the field for several other potential Republican candidates who had said they wouldn't challenge him.

Bush won bipartisan praise for leading the state through eight hurricanes over a two-year period. He used standardized testing to overhaul the education system, was credited with making government more efficient and lowered taxes.

Martinez, who announced last month that he wouldn't seek a second six-year term, said on Tuesday, "I understand his decision. Jeb would have been a great candidate and senator. The good news is that Republicans still hold the advantage with a deep field of potential candidates."

On FOX News Sunday, former President Bush said he would like to see his son run for president, calling him "as qualified and as able as anyone I know in the political scene."

"I'd like to see him run," Bush said. "I'd like to see him be president some day."

But Bush added, "I mean, right now is probably a bad time, because we've got enough Bushes in there."

The Associated Press contributed to this report.